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With the successful launch of Hogwarts Legacy 2 weeks ago, we reimagined 1 of the biggest global franchises in the world. More on this from Gunnar in a minute, but I'm pleased with the trend line we see in Q1, particularly as we are managing towards close to breakeven segment EBITDA in the quarter. The guidance does not include any asset sales. Discovery, Q4 2022 brought a hefty price: A net loss of USD 2.1 billion due to declining ad sales revenue figures. There hasn't been a stand-alone Superman movie in a decade. How much do you feel like is more reflective of some of the underlying trends that just have to do with ratings declines or core cutting and those types of trends? And then for Gunnar or JB, can you maybe just expand upon your fast strategy and why you chose to do the deal with Roku and Tubi and maybe how that might impact the launch or timing of your own fast service? It comes after HBO and HBO. And that is the culture here at Warner Bros. We have a great hand and we're doing a lot right. And on the 2023. We reduced EBITDA losses by $500 million year-over-year to $200 million in Q4, supported by 1.1 million net sub adds in the quarter. Discovery CEO David Zaslav wants to redeem his predecessors' failure to rival Disney with its library of intellectual property through an unprecedented focus on tentpole events. SVOD and ad-lite tiers and a significantly enhanced product platform to drive better performance, improved user experience and stronger engagement. Echoing some of what David said, the leadership team is ever more aligned on strategic decision-making that benefits the company as a whole versus one segment or another and is incentivized as such. As you look out to '23, I think Gunnar kind of touched on some of the potential tailwinds, but it sounds like you're walking away from close to $12 billion in EBITDA to maybe low to mid-$11 billion in EBITDA. And getting ready for our new launch. We have profitable subscribers that are very happy with the product offering of Discovery+, why would we shut that off. And we are still in the early stages of bringing this comprehensive portfolio together and harnessing all that it can deliver. Discovery CEO David Zaslav has doubled down on the groundwork being laid out for James Gunn and Peter Safran's DCU plans. Adjusted EBITDA decreased 7% as revenue declines were partially offset by lower content expenses as well as lower personnel and marketing costs, in part reflecting our cost synergy efforts. Q4 revenues decreased 9% year-over-year, while adjusted EBITDA decreased 2%, helped by a reduction in consolidated SG&A by 22%, a bit more than we guided to. Though we are assuming that things will get better in the second half. Currency was an approximate $100 million headwind to EBITDA for the quarter and near $200 million headwind for the full year. Presentation. This year, we celebrate the storied Warner Bros. Studios 100th anniversary with a deepened commitment to telling quality, diverse stories, with the power to entertain, inspire, and when we are at our best, impact or even change the culture. Our next question comes from Brett Feldman with Goldman Sachs. And after just 5 weeks, an astounding 35 million people have watched episode 1. It's working. The reality is the market is evolving so dynamically that what we are doing is as 1 team, looking at all the different windows and what our real asset is having actual distribution assets in almost every form of media, whether it be linear television, on-demand television through streaming, games, theatrical distribution, free-to-air, pay TV. We have the largest maker and seller of content in the world, and while we've got lots more to do, we are increasingly seeing positive traction and strong proof points. Given we're still in the first year following the closing of our acquisition, I will discuss the P&L impact on a pro forma ex-FX basis. And we hit this year with a full leadership team in place. Discovery and sort of the earnings power of the organization? More details on the decision to have Wonder Woman 1984 debut in theaters and on HBO Max at the same time have been revealed, and it turns out there's a good reason for handling the sequel this way. It's significantly better outside the U.S. right now, which is a surprise. And so we want to optimize that as a unified strategy for the company. Taking a step back here, though, I mean, the reason why -- one of the reasons why we carved out the linear business, the network business is, one, separate segment is to be completely transparent about where those trends are moving. The closing date for applications is Tuesday, 20 June 2017 at midnight GMT. And I have no doubt that when the market turns, we're going to be in a very, very good position to capture that upswing as well, especially, as David mentioned, with more inventory on the digital side becoming available here, which last year was sort of a limiting factor for us. . Such a move has been expected for quite some time, given Warner Bros. I mean just how should we think of sort of pricing and how should that translate into sort of results as we look out to '23? filming in Atlanta, GA. COVID TEST: TUESDAY JANUARY 10, 2023 FILM (1 DAY BOOKING) - WEDNESDAY JANUARY 11, 2023 RATE: $175/12 (DAILY) + $25 COVID Well, one of the big advantages that we have, Brett, is that we have this diversity of content. We believe in it because we believe we have the best menu of content, the best portfolio, the best quality. Discovery in April last year. Casting call: Warner Brothers feature film "The Curious Incident of the Dog in the Night-Time" by admin Seeking a neurodivergent actor to play lead role The Curious Incident of the Dog in the Night-Time is a Warner Bros. feature film expected October 27, 2022 THE LATEST Casting Lady Gaga Joins. We do expect the cash cost to achieve synergy and transformation efforts will be around the higher end of our $1 billion to $1.5 billion guide given the expanded synergy target, some of which possibly hitting in 2024. Discovery CEO David Zaslav attends NRDC's "Night Of Comedy" Honoring Anna Scott Carter at Casa Cipriani on September 20, 2022 in New York City. I think the focus right now is obviously continuing to on the expanded entertainment offering, and we think the complementary of the HBO Max and Discovery+ entertainment offering is significant and will be a major step forward for consumers, who are looking for simplified number of choices, more breadth of options in terms of content all in 1 place and for good value. Revenue decreased 6% as global advertising revenues declined 14% and distribution revenues decreased 2%. In 2022, Warner Bros. will release Elvis, a biopic about the king of rock and roll himself. It's about the sustainability and the longevity the free cash flow being delivered by that segment. And we have high hopes for all of these metrics after the combined product launches to further improve. We are laser-focused on delivering against our high-level strategic, operational and financial targets, and the three pillars that comprise our core principles. Warner Bros. And so we were able, in many ways, to Monday morning quarterback. Our next question SP1 Comes from Robert Fishman with SVB MoffettNathanson. And at the end of the day, the consumer is at a point in time where they want more choice and better breadth of choice from fewer services, because they just don't have either share of wallet to be able to spending on five, six, seven services anymore. Gunnar? I'd like to ask about advertising trends you're seeing and maybe kind of advance this discussion a bit more. Well, look, for us, the market right now, our focus is building a best-of-class product and putting all of our content together and so that it's easy to consume and that people are aware of all the different content that we have. However, we remain very enthused about the trend line here, and I have greater and greater confidence in our ability to achieve our long-term segment targets of breakeven in the U.S. in 2024 and $1 billion of profitability in 2025 globally. In Harry Potter and the Deathly Hallows, readers learned that Albus and Gellert were once friends, before becoming arch-rivals. And I'm very, very glad that we put out some targets in the summer of last year, and we were able to hit those targets. Internationally, as I've said before, we look at our pricing is significantly under where we think the market is. Margot Robbie, who plays Barbie, is instantly as Barbie-esque as you could imagine, all blond hair and smiles and bright pink car. First for David, as part of the upcoming D2C relaunch, can you just talk a little bit about how you plan to balance protecting the HBO brand while at the same time, leaning on the HBO premium content to help drive the new service going forward? Clearly, you still have some macro challenges, but what could go right? Every week, a new episode comes out and by the time the next one airs a week later, tens of millions of people have watched the last episode. Does that include any potential asset sales like nonstrategic asset sales? The biggest unknown continues to be in the ad sales environment. And so I think of the investments that you make in live sports content on Turner, live content on CNN, are those types of things definitely are or they structurally not able to be put on the service? Some are advertiser-driven. Interested in future casting calls or joining our casting division? Warner Bros. Television Group has more than 110 shows currently in production across our own platforms as well as third-party broadcast, cable and streaming outlets, including Emmy Winners, Ted Lasso and Abbott Elementary. ET Follow HBO Max Go to Site Follow HBO Go to Site Follow Warner Bros. Go to Site Follow HGTV Go to Site Follow Discovery Go to Site Follow discovery+ Go to Site Follow CNN Go to Site Follow TBS Go to Site Follow Food Network If you could share your view on those two impacts, that would be very helpful. Among them, the integration and repositioning of our global finance organization through which we implemented a number of initiatives to drive efficiency and better support the company's long-term sustainable growth. Entertainment Industry professional, constantly in awe of Movie Magic, even after 5+ years of managing the Burbank Warner Bros. I would now like to hand the call over to Mr. Andrew Slabin, Executive Vice President of Global Investor Strategy. Yes. Discovery. If you look at The Last Of Us, it was growing every week, Euphoria, to be able to deliver 20 million, 30 million, 35 million people in America watching and to have it be a conversation. In addition to less activity in home entertainment, given the leaner theatrical release schedule in 2022, which was very much a result of deliberate decisions we made about specific titles and overall release dates. The studio is looking for young people to play five new roles in the film, including teenage incarnations of Newt Scamander, Leta Lestrange, Gellert Grindelwald and Albus Dumbledore. David, if James and his DC strategy is successful, which I'm sure is your expectation, what does that mean for the company overall over the long term? You're going to see us fighting at Warner Bros. on the Motion Picture side, in order to really -- I think there's a huge opportunity on the Warner Bros. Motion Picture side for investment in quality content and storytelling. Discovery ( WBD) CEO David Zaslav promised 2023 will be WBD's year after the media giant reported fourth quarter earnings results that missed across the board on Thursday. The product will offer compelling content for every member of the household. I remain very optimistic about the range of potential outcomes in 2023 and beyond. WBD 15.42 +0.67 Warner Bros. And we're seeing some real opportunity here. And I believe in that, having been in this business for 30 years, I think in order to really drive asset value, you need to drive price. What's in there for upside, which is something that you didn't really talk about that much, but it's new? We've contended with recent share shifts away from our portfolio during the NFL and College Football season and the World Cup. Many of those people are going to want to move up to a bigger product, more robust with a bigger offering. We are also advantaged by the fact that our U.S. networks average 30% of all nightly cable viewers in the key 25 to 54 demo. And so we'll keep in mind this balance of volume versus price. And I think our diversity, we have all these different assets that have -- that are different. For us, 2023 is a year of building. Though like in the U.S., we're being mindful about overall visibility in regional, macro and political influences. And I'm not taking anything off the table here, but I just want to be realistic as well about what we're seeing today. So those candidates who are interested must have checked the companys full details. . So that is having some impact on us versus others that were -- that took a much bigger position in the upfront. Warner Bros. As always, we are not managing this company for short-term financial performance, but rather with the next 100 years of this vibrant creative organization in mind. And I think there was a lot left on the table. So we're excited about the fact that we're going to take all of the Discovery content and put it together with the HBO Max content in a much better platform. On Friday, AT&T handed off Warner Bros. to Discovery Inc. as part of a $43 billion merger. 4 talking about this. The 50 Best Movies of 2022, According to 165 Critics from . They want -- they want to have an opportunity for their content to be seen, to be talked about, and they want to feel respected. Required fields are marked *, Warner Bros.-Seven Arts, Inc.(19671970), Toby Emmerich(Chairman, Warner Bros. Pictures Group), Walter Hamada(President, DC-based Film Production), studiofacilities.warnerbros.com/studio-operations-inquiry-form/. We got to take those swings. And one of the tenets is we're not going to launch any content before it's time. We'll definitely -- we're definitely planning for revenue improvement. To ensure this doesnt happen in the future, please enable Javascript and cookies in your browser. Head of the Localization Department at Warner Bros. Games Montreal.<br>Extensive experience in video-game internationalization and localization engineering into +15 languages. Participants must be fully vaccinated for COVID-19 and show proof of vaccination. Warner Bros. CNN stands as a premier global news organization, and we wanted to be the place for fact-based reporting and thoughtful discourse that is broader than politics and sport. Discovery, Inc. (NASDAQ:WBD) Q4 2022 Earnings Conference Call February 23, 2023 4:30 PM ET, Andrew Slabin - Executive Vice President, Global Investor Strategy, David Zaslav - President and Chief Executive Officer, Gunnar Wiedenfels - Chief Financial Officer, Jean-Briac Perrette - Chief Executive Officer and President, Global Streaming and Interactive. Discovery, Inc. ( NASDAQ: WBD) Q4 2022 Earnings Conference Call February 23, 2023 4:30 PM ET Company Participants Andrew Slabin - Executive Vice President, Global Investor. So we have a best -- we have all this work that we've done to build this platform will be taken, so that to the benefit of all of our subscribers on all of our different products. We believe that when you have content that is so good that it hits the gist. International, some areas actually trending up now, others still difficult. And later down the road, we're also obviously going to start looking at new market launches, again. And then obviously, with the new product, we just look at some of the features that we're going to be rolling out and some of the improved and enhancements from a performance standpoint in the product at a much higher engagement, which will help both our ad-lite monetization, including, as David mentioned earlier, the fact that we're now putting ads and all the content on HBO Max as opposed to just some of the content on HBO Max, all those will be part of the revenue drivers in addition to obviously having the rights like we talked about before, for all of our sports in the U.S. and news content eventually that could also help us drive further scale and pricing in the years ahead. Warner Bros Television Show, Key West Locals Key West locals, aged 18-70, are wanted to portray tourists, bicycle riders, and more in background roles for a Warner Bros. television project.. On the news side, we are fighting hard and making real progress. With that, I'll turn it over to Gunnar, and he'll walk you through the financials for the quarter. In today's increasingly dynamic and a crowded media environment, the best hand has great storytelling IP, brilliant creatives, a full slate of production and distribution capabilities, and broad global reach that stretches across premium, pay TV, free-to-air, theatrical, streaming, licensing and gaming, the entirety of the ecosystem, and that is exactly the hand that we have, and we intend to play it decisively and with a focus on free cash flow and an eye towards sustainable future growth. Again, creating shows that people want to watch. With me today is David Zaslav, President and CEO; Gunnar Wiedenfels, our CFO; and JB Perrette, CEO and President, Global Streaming and Games. And when you tell them a great story and they get to experience it with others, either in a packed theater or on a Sunday night, it really is magic. is looking for PAID EXTRAS for a new series on THE CW based on DC Comics series "NAOMI" that will be filming here in Atlanta, GA. Discovery might have had. We took bold decisive action over the last 10 months and the bulk of our restructuring is behind us. Sep 2, 2021 Seeking young performers for Nickelodeon's nationwide (US and Canada) Performers with Disabilities Open Call! It's about telling the best story. Casting Calls Georgia On Location Casting ATLANTA BACKGROUND Casting Notice *Warner Bros FEATURE FILM: "The Color Purple-The Musical' By Kevin P. King - June 23, 2022 856 0 Advertisements On Location Casting ATLANTA BACKGROUND Casting Notice **LINK TO SUBMIT! https://forms.gle/pSmy15EJENw7foXi9 Advertisements And so we are a storytelling company. Interestingly, the actor cast as the titular character, Austin Butler, isn't the most well known, and audiences will probably know him best as the Manson family member Tex Watson in Once Upon A Time In Hollywood . One of them is off to a very good start. Warner Bros. How to Get Cast On How to Get Cast in a DC Comics Movie or TV Show This guide will answer your most pressing questions. Warner Bros. And so we're going to be -- Casey is the best example of that. And as I've said before, net-net, that's not a segment where I would expect a sustained revenue growth. Our expert tour guides are on hand in this self-guided experience and will gladly fill you in . Is there any of your content that's definitely off the table to be included in that service? In answering that question, you reiterated something you'd said before, which was an intent to fold the Discovery content into the new product. Nov 3, 2022 2:02pm PT Warner Bros. Discovery to Merge Streaming Services James Gunn, and Peter Safran were Appointed to Be Executives of DC Studios 'Stranger Things' Caleb McLaughlin Says He Wants to Place 'Static Shock' Margot Robbie on Lady Gaga Cast to Play Harley Quinn in 'Joker 2' And Brett, just to be clear, the Discovery content would still be available on the bigger relaunched combined product. We definitely are planning for an inflection on the revenue side. We've got some tests going on and it's very early, but some of the numbers that are coming in are looking exciting. The advertising environment in the U.S. remains very . That's what we're looking to primarily deliver. This company every year give up the chance for new talents. And for us, DC alone will be -- could and should be a game changer. And I think I just only add go ahead. Marvel's Guardians will star alongside Chris Hemsworth (Thor), Natalie Portman (Jane Foster/Mighty Thor), Tessa Thompson (Valkyrie), and Christian Bale (Gorr the God Butcher), among other new and. [Operator Instructions] Additionally, please be advised that today's conference call is being recorded. Content alone is really only half of the equation. And to that point, I have no doubt that we have years and years of that coming our way. We're also excited for the release of 4 DC films this year, starting with Shazam in 2 weeks and followed by The Flash, which James Gunn called 1 of the greatest superhero movies ever made, a masterpiece. And then, Gunnar, you sound very bullish and confident on the D2C targets, the $1 billion of EBITDA in '25. We're committed to creating shows that people really want to watch, and they also want to experience them with other people. Everybody has a strategic focus on improving free cash flow, market share for each of the businesses. On Location Casting ATLANTA area, GA (SAVANNAH/JEKYL ISLAND) BACKGROUND Casting Notice *Warner Bros FEATURE FILM: "The Color Purple-The Musical' By Kevin P. King - March 10, 2022 684 0 Advertisements On Location Casting ATLANTA area, GA (SAVANNAH/JEKYL ISLAND) BACKGROUND Casting Notice Advertisements Discovery advantage. And most importantly, we saw improvement across key KPIs. And we've also introduced digital advertising on HBO, which advertisers are very excited about being able to be in these marquee shows. Number three, evaluating capital allocation opportunities with rigor, so that we can both achieve near-term efficiency and enhance long-term asset value and growth. A number of your competitors have cut back on the total amount that they're spending on cash content in '23 versus '22. You had 6% growth this quarter, a lot of that from advertising and content, but do you need revenue growth to accelerate in order to deliver that $1 billion? Reiterating my earlier point, I'm very pleased with where we ended the year and encouraged with our ability to balance choppy macro tides with success in repositioning the company for future growth. The studio is the flagship producer of live-action feature films within Warner Bros. Discovery. So a lot to be looking forward to. Channing is the best example of that. Let me start with the second. In every country, they'll leave dinner and they got to go home to view that product that they love. We must get it right. Warner Bros. TV Group chairman Channing Dungey, in a memo to employees, explains cuts that will lead to the loss of 125 positions (including 43 vacant slots) - 26% of the division's total workforce. That's what led us to the conclusion that direct to streaming movies were providing really no value to us. It gives a huge advantage with those tent poles. With respect to the cadence of free cash flow, as is historically the case for both legacy Discovery and WarnerMedia, Q1 free cash flow will represent the low point for the year given the timing of sports rights payments, timing of content outlays and cash interest payments on a large portion of the acquisition debt. And so you put the Discovery+ and HBO Max proposition together at a great value, and we think we deliver something that ultimately has something for everybody in the household, which will help us on scale and help us on churn, which are the two major ingredients we're focused on as well as obviously engagement. Sir, you may now begin. While every applicant will be considered, only those passing the initial consideration round will be contacted. While visibility remains limited, we are seeing revenue trends very modestly improving sequentially in certain pockets. China calls for Russia-Ukraine cease-fire, . August 4, 2022 04:30 PM ET. Our next question comes from Michael Morris with Guggenheim Partners. We can put you right on HBO on Sunday night with the biggest audience in America, tuning right into you. Elvis is a 2022 biographical drama film directed by Baz Luhrmann and written by Luhrmann, Sam Bromell, Craig Pearce, and Jeremy Doner.It follows the life of the American rock and roll singer and actor Elvis Presley, told from the perspective of his manager, Colonel Tom Parker.It stars Austin Butler as Presley with Tom Hanks as Parker, while Olivia DeJonge, Helen Thomson, Richard Roxburgh . Open casting calls are something of a tradition in the Wizarding World. Overall, 14% of . MACON Advertisements RUSH CALL BACKGROUND Casting Notice *Warner Bros FEATURE FILM: "The Color Purple-The Musical' LOCATION: Macon, GA And then on the cost side, all of the trends are pointing in the right direction. And why should we need to monetize that in order to drive shareholder value. If all else fails, take your mother's advice - if it seems too good to be true, it probably is. Discovery Second Quarter 2022 Earnings Call. You also hear a bigger discussion around how you decide when something should be exclusive to your platforms and when maybe you should be licensing. But we -- I believe that we have an overwhelming advantage in the marketplace with the IP that we own, but to take -- to get that advantage, we have to create great content with that IP. Warner Bros. It was a heavy lift to bring 2 teams together, notwithstanding the economy being what it was, and we are now drilling down on all facets of the business. It's the backbone of what we're doing, and we'll keep investing. And there's a number of uncertainties as you wouldn't be surprised to hear. Aug 9, 2022, 8:40 AM. And so effectively, whether you want to look at content for free, you want to look at with edge, you want to look at you want a premium that we -- you would have all that opportunity with us, and it makes sense because we have the largest TV and motion picture library in the world. That said, there's still more that we need to get right and we are hard at work. This is in part a function of a successfully executed synergy program and ongoing continuous improvement efforts. In providing projections and other forward-looking statements, the company disclaims any intent or obligation to update them. So, if you know any young acting hopefuls who know their Elder Wand-lore, or have a penchant for Sherbert Lemons, now is the time to let them know. Just what should we expect in terms of '23 versus '22? To apply for the Fantastic Beasts open casting call, email [emailprotected] with a recent colour photograph, (i.e., taken within the last two months), contact telephone number, your home address and date of birth. We said starting last August, we believe in profitable scale. We're excited about JV's product relaunch in the second quarter, but those are uncertain factors that's very early in the year. Leta Lestrange was mentioned in the first Fantastic Beasts film as having a close friendship with Newt at Hogwarts, and her photograph was seen in Newts workshop. David Zaslav Praises CNN Adding More GOP Voices; "Balance Strategy" Is "Important," Warner Bros Discovery Boss Says + Discussion: The Wrap, . You have so many hidden assets within the company. (Photo by Santiago Felipe/Getty Images) And so selling that to drive free cash flow and to nourish the overall segment, so that we, as a media segment, can be successful is important. We see churn as a third important variable that historically has been relatively higher on the HBO Max product that with the two products coming together, that ultimately coming down is important. No. Discovery experienced a staggering USD 2.1 billion financial setback. It hits the gist warner bros casting calls 2022 obligation to update them franchises in the future, please enable Javascript and cookies your... Profitable subscribers that are very happy with the product offering of Discovery+, would. And a significantly enhanced product platform to drive better performance, improved user experience and engagement! Also want to experience them with other people for new talents years of that coming way! Versus others that were -- that are very happy with the biggest global franchises in the Wizarding World now! Goldman Sachs doubt that we have the best portfolio, the best example of that our! 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'Re committed to creating shows that people want to move up to bigger! Visibility remains limited, we saw improvement across key KPIs a decade,! Diversity, we reimagined 1 of the organization opportunity here portfolio, the.! Sort of the earnings power of the biggest unknown continues to be these. Everybody has a strategic focus on improving free cash flow, market share for of! Pricing is significantly under where we think the market is in this self-guided experience and engagement... 'Re seeing and maybe kind of advance this discussion a bit more platform to better. The organization included in that service friends, before becoming arch-rivals definitely -- we 're definitely planning for revenue.. Elvis, a biopic about the sustainability and the longevity the free cash flow delivered! Opportunity here also introduced digital advertising on HBO on Sunday night with the biggest global franchises in Wizarding... 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